REIT plans $450 million IPO

Deerfield Triarc Capital Corp., a five-month-old real estate investment trust, has filed a registration statement for a $450 million initial public offering.

Chicago-based Deerfield mainly invests in residential mortgage-backed securities, but its portfolio also includes various alternative investments, such as syndicated bank loans, corporate mezzanine loans and private equity. The firm is managed by a company that is controlled by Triarc Cos., operator of the Arby's restaurant chain and former owner of the Snapple Beverage Group.

Deerfield plans to use the proceeds from the offering to buy more residential mortgage-backed securities and other assets, to pay down debt and for general corporate purposes, the company said in a filing with the Securities and Exchange Commission.

The public offering follows a December private offering of common stock that raised $379 million.

Deerfield plans to list its shares on the New York Stock Exchange under the ticker DFR.